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March Economic Report

 

  • The San Diego City Council purchased Airborne San Diego’s failed skydiving center to convert it into a housing center for the homeless.
  • The average rental price in San Diego reached a record high of $1,887 dollars a month, according to a report by MarketPointe Realty Advisors.
  • San Diego was ranked number 11 on the most desirable places to invest in real estate on CBRE’s annual report.
  • The median sales price of all San Diego homes was $547,000 dollars. This is 8.32% higher than it was during March 2017 and up 1.48% from February.
  • There were 2,221 home sales last month, which is down 3.31% from March 2017, but it’s up 6.88% from February.
  • The median number of days on the market was 21, which is down 25% from last month as well as March 2017.
  • 30.6% of the homes sold in March were sold for higher than their listing price, which is 28.57% higher than last year and up 30.21% from the previous month.
  • 3,282 homes hit the market last month, which is 2.47% higher than the amount of new listings in February.
  • The median price per square foot in March 2018 was $360. This is 7.78% higher than it was last year, but is only 2.86% higher than it was in February.
  • Mortgage were largely consistent throughout the month of March.

  • In the beginning of the month, the S&P 500 started off at 2,718.840 points and showed signs of improvement before consistently falling throughout the month, closing out at 2,643.690 points for a decrease of 2.764%.

 

 

  • Bond rates (which commonly have a direct effect on mortgage rates) fell by 2.247% over the course of the month, starting at 2.804 percent and ending at 2.741 percent with downturns on the 9th and 22nd.

 

 

  • The Dow Jones index followed the other indices this month, starting off with a plummet that the index briefly recovered from until the 12th when the index started falling again. The index opened up at 24,890.891 and ended at 24,176.760 for a 2.869% drop over the course of the month.

 

 

  • Lastly, the Nasdaq saw similar downward movement throughout the month. The index started off at 7,231.380 points and ended at 7,068.001, which is a 2.259% drop.

 

 

All of these figures play a crucial role in what drives mortgage rates and financial health, so we pride ourselves in closely monitoring local and national markets to provide the best advice and mortgage consulting. Are you curious about the home buying process and what you might qualify for? Feel free contact us with any questions or requests.

 

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Financing details are for informational purposes only and should not be relied upon by you. Rates, program terms, fees, and conditions are subject to change without notice. Not all products are available in all states for all amounts. All mortgage applications are subject to underwriting guidelines and approval. This is not an offer of credit or a commitment to lend. Residential Wholesale Mortgage, Inc. is licensed by the CA Bureau of Real Estate #01174642 and Department of Business Oversight under the California Residential Mortgage Lending Act. NMLS# 79445


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